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UPDATE 2-Citigroup unit to pay $5 million to settle U.S. SEC charges
07/25/2014  |  17:31
(Adds more background, comments from Citigroup)By Sarah N. Lynch and John McCrankJuly 25 (Reuters) - A private trading venue owned by Citigroup will pay a $5 million penalty to settle charges that it failed to protect customers' data, marking the latest case in a crackdown by U....

U.S. SEC appeals crisis-era case against ex-bank executives
07/25/2014  |  20:16
By Sarah N. LynchWASHINGTON, July 25 (Reuters) - U.S. government lawyers asked federal regulators on Friday to overturn a judge's ruling dismissing their case against two former State Street Corp executives accused of misleading investors in a fund exposed to subprime mortgages....

Speculative net shorts in U.S. 10-year T-note futures fall-CFTC
07/25/2014  |  19:37
July 25 (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell for a second week, according to Commodity Futures Trading Commission data released on Friday....

Seattle man gets 1-1/2 years for Microsoft insider trades
07/25/2014  |  17:01
By Bill RigbySEATTLE, July 25 (Reuters) - An online stock trader who profited from inside information passed to him by a former Microsoft Corp finance employee was sentenced to 1-1/2 years in prison in Seattle on Friday.Sean Stokke had pleaded guilty to charges of insider trading, which federal prosecutors said netted more than $400,000 in illicit profits over an 18-month period for him and his Microsoft accomplice, Brian Jorgenson....

PREVIEW-Mega miners set to reward investors after reining in costs
07/24/2014  |  11:02
* Strong BHP, Rio Tinto production reports bode well* BHP tipped to announce share buyback* Brazil's Vale to benefit from nickel price rise* Focus on Anglo American asset sales planBy Sonali Paul, Silvia Antonioli and Stephen EisenhammerMELBOURNE/LONDON/RIO DE JANEIRO, July 24 (Reuters) - After two years of shunning miners, investors are tiptoeing back into the sector on signs of growth perking up in China, company austerity measures paying off, and prices of nickel, copper and aluminum picking up as supply tightens.They could start to reap early rewards when the top five global miners report results over the next four weeks....

Portuguese bank shares continue surge, BES up 9 pct
07/24/2014  |  08:45
LISBON, July 23 (Reuters) - Shares in Banco Espirito Santo spiked another 9 percent on Thursday, adding to the previous day's gains of 14 percent after two major investors bought into the beleaguered bank, and other Portuguese banks also rallied.BES rally went on even after U....

Deutsche Banks expands cost cutting programme -paper
07/24/2014  |  21:36
FRANKFURT, July 24 (Reuters) - Germany's Deutsche Bank AG is planning more cost cuts of up to 2.5 billion euros ($3.4 billion) as it tries to boost its competitiveness, German newspaper Handelsblatt reported....

UPDATE 2-Morgan Stanley to pay $275 mln penalty for misleading RMBS investors
07/24/2014  |  17:09
(Adds quote from lawyer, details on administrative proceeding)By Emily Flitter and Sarah N. LynchNEW YORK/WASHINGTON, July 24 (Reuters) - The U.S. Securities and Exchange Commission said on Thursday it had charged Morgan Stanley with misleading investors about two residential mortgage-backed securities it issued before the 2008 financial crisis, and that the bank would pay $275 million to settle the case, according to a press release....

SAFT ON WEALTH-New money fund rules keep illusions alive
07/23/2014  |  19:59
(James Saft is a Reuters columnist. The opinions expressed are his own)By James SaftJuly 23 (Reuters) - New money market fund reforms are half measures which will fail to end investors' illusion that there is such a thing as a safe asset....

UPDATE 1-Portuguese bank shares surge on news of BES investors
07/23/2014  |  12:32
(Adds detail, comment, share price reaction)By Laura Noonan and Filipa Cunha-LimaLISBON, July 23 (Reuters) - Shares in Banco Espirito Santo rose as much as 10.5 percent on Wednesday as investors took heart from a late Tuesday announcement that two major U....

UPDATE 1-U.S. gold ETF delivers first physical bullion coins; holdings grow
07/23/2014  |  20:49
(Adds processing fee details)By Frank TangNEW YORK, July 23 (Reuters) - Merk Gold Trust, a bullion-backed exchange-traded fund which allows its shares to be redeemed for physical gold, said on Wednesday it has made its first delivery in dozens of U.S....

UPDATE 3-SEC's long path to money market fund reform ends in compromise
07/23/2014  |  21:05
(Adds details, reactions to the SEC's rule)By Sarah N. LynchWASHINGTON, July 23 (Reuters) - U.S. regulators adopted moderate reforms for money market mutual funds on Wednesday, in what amounted to a compromise that aims to balance the need to reduce the risk of runs on the funds while still protecting the product's utility for investors....

Money fund rule changes offer new reality to U.S. retail investors
07/23/2014  |  22:16
By Tim McLaughlin and Ross KerberBOSTON, July 23 (Reuters) - New rules announced on Wednesday will likely drive safety-oriented retail investors away from some money market funds because they highlight risks and make it harder to pull cash out when market turmoil strikes.The U....

UPDATE 2-Miner Cliffs reports loss on weaker commodity prices, volumes
07/23/2014  |  23:30
(Adds forecasts, analyst comment, stock price move)July 23 (Reuters) - Cliffs Natural Resources Inc, facing off against an activist fund that wants to replace its chief executive, reported a bigger-than-expected quarterly loss on Wednesday because of weak commodity prices and a decline in sales volumes.The Cleveland-based iron ore and metallurgical coal producer slightly lowered its forecast for full-year sales and production volume for U....

UPDATE 4-NY Fed found serious problems at Deutsche Bank's U.S. arms -sources
07/23/2014  |  19:23
* NY Fed sees shoddy reporting, inadequate auditing* Says Deutsche Bank made no progress fixing problems* Bank to come under closer Fed scrutiny from 2016* Shares down 0.5 percent, underperforming peers (Adds Dudley speech, details on examiners)By Kathrin Jones and Arno SchuetzeFRANKFURT, July 23 (Reuters) - The Federal Reserve Bank of New York has found serious problems in Deutsche Bank AG's U....

UPDATE 1-U.S. SEC backs ban on investor settlements erasing complaints from broker records
07/23/2014  |  19:41
(Updates with comment from FINRA spokeswoman in final paragraph)By Suzanne BarlynJuly 23 (Reuters) - The U.S. Securities and Exchange Commission has approved a new brokerage industry rule to ban dispute settlements between securities firms and investors that require investors to agree to erase complaints from brokers' public records....

U.S. gold ETF delivers first physical bullion coins; holdings grow
07/23/2014  |  19:46
By Frank TangNEW YORK, July 23 (Reuters) - Merk Gold Trust, a bullion-backed exchange-traded fund which allows its shares to be redeemed for physical gold, said on Wednesday it has made its first delivery in dozens of U.S....

RPT-LME approves BTG Pactual to operate warehouses in Singapore
07/23/2014  |  04:15
(Repeats to additional subscribers, with no change to text)SYDNEY, July 23 (Reuters) - Brazil's BTG Pactual has received a green light from the London Metal Exchange (LME)to set up warehousing operations in Singapore, marking the investment bank's first foray into Asia as builds out its physical metals business.In a notice to members on Tuesday, the LME said it has approved BTG Pactual Commodities Warehousing to store aluminum, aluminum alloy, copper, nickel, lead, tin and zinc in the city state....

UPDATE 3-Credit Suisse posts big loss after U.S. tax settlement
07/22/2014  |  13:08
* Q2 net loss 700 mln Sfr vs 581 mln Sfr in poll* Private bank wins 10.1 bln Sfr in net new money* Investment bank pretax profit steady at 752 mln Sfr* Credit Suisse to exit commodities trading* Commodities trading exit will save $75 mln* Says stowed funds for cash dividend in 2014* Shares down 1....

US Chamber makes final push against US SEC money fund reforms
07/22/2014  |  18:39
By Sarah N. LynchWASHINGTON, July 22 (Reuters) - The U.S. Chamber of Commerce made a last-ditch plea on Tuesday to federal securities regulators, urging them not to adopt rules that will change how some money market funds are valued and could cause companies to park their cash elsewhere....

CORRECTED-UPDATE 2-Espirito Santo family woes mount as Rioforte seeks creditor protection
07/22/2014  |  20:17
(Corrects date of DE Shaw stake acquisition in 13th par to July 14 from June 14)* Espirito Santo family company Rioforte seeks creditor protection* Rioforte owes Banco Espirito Santo 220 million euros* Goldman Sachs, DE Shaw take stakes in BES* BES appoints Deutsche Bank to advise on balance sheet* ESFG sells stake in Swiss private bankBy Laura Noonan and Axel BuggeLISBON, July 22 (Reuters) - The woes of Portugal's only banking dynasty, the Espirito Santo family, mounted on Tuesday as another of their holding companies asked a court for protection from creditors.The announcement from Rioforte came less than an hour after Banco Espirito Santo, which the family founded, said that two heavyweight U....

UPDATE 2-Investor relations partner settles U.S. SEC insider-trading charges
07/22/2014  |  17:02
(Updates to say an attorney for McGrath declined comment)By Sarah N. LynchWASHINGTON, July 22 (Reuters) - A New York-based investor relations executive on Tuesday agreed to settle civil charges that he illegally traded with inside information obtained while preparing press releases for company clients, U....

UPDATE 1-Credit Suisse to wind down commodities trading
07/22/2014  |  06:08
* Says plans to focus resources on more profitable areas* Sees roughly $75 million in savings from the move* Joins other major banks in retreat from commodities (Adds bullets comment from CEO, CFO, detail)ZURICH, July 22 (Reuters) - Credit Suisse said on Tuesday it was winding down its commodities trading to focus its resources on more profitable areas of its business.In presentation slides accompanying the bank's second-quarter earnings, Credit Suisse said it expected to achieve roughly $75 million in savings from the move and reduce risk-weighted assets by $2 billion....

UPDATE 1-UK watchdog upholds $770,000 fine on "king of mining" banker
07/22/2014  |  10:57
* Original fine on Hannam confirmed after court battle* Hannam has until August 7 to pay* Regulator urges financial professionals to heed judgment (Adds Hannam and lawyer comment, details, background)By Kirstin RidleyLONDON, July 22 (Reuters) - Britain's financial watchdog has upheld a 450,000 pound ($768,000) fine on former JPMorgan banker Ian Hannam - a prominent dealmaker once dubbed the "king of mining" - for market abuse after a protracted court battle.In an effort to clear his name, Hannam had fought to overturn the Financial Conduct Authority's (FCA) initial findings and fine of 2012....

UPDATE 1-Former Qualcomm executive pleads guilty to insider trading
07/21/2014  |  23:17
(Adds comment from Justice Department and lawyer for defendant, sentencing date; in paragraphs 6, 9-11)By Jonathan StempelJuly 21 (Reuters) - A former president of Qualcomm Inc's global business operations pleaded guilty on Monday to insider trading in shares of the mobile phone chipmaker and a company it bought in 2011, as well as to a related money laundering charge.Jing Wang, 51, entered his plea before U....

U.S. SEC taps new chief economist from University of Florida
07/21/2014  |  18:15
By Sarah N. LynchWASHINGTON, July 21 (Reuters) - The U.S. Securities and Exchange Commission on Monday announced it has tapped a University of Florida professor to serve as the agency's new chief economist....

UPDATE 1-Denmark accuses Danske Bank unit of insider information leak
07/21/2014  |  16:23
(Adds background on previous charges, how the case was uncovered)COPENHAGEN, July 21 (Reuters) - Denmark's public prosecutor for serious economic and international crime has brought an additional accusation against Danske Bank's mortgage unit Realkredit Danmark and one of its employees, the bank said on Monday.It said the new allegation concerns insider information on a type of Danish adjustable mortgage loan called Flexlaan....

BNP case spurs calls for whistleblower incentives in banking
07/21/2014  |  14:41
By Henry EnglerNEW YORK, July 21 (Reuters) - BNP Paribas SA's $9 billion settlement with U.S. authorities, aided by internal whistleblowers, has spurred calls for federal banking regulators to protect and reward individuals who report wrongdoing by banks....

UPDATE 2-Investors start pricing in Scotland vote risk for sterling
07/21/2014  |  16:18
By Jemima Kelly and Anirban NagLONDON, July 21 (Reuters) - Currency investors began on Monday to show a glimmer of concern over the risks a surprise from Scotland's September vote on independence might pose to sterling, having appeared complacent over the issue so far.Scottish independence has been at best a slight risk for most money managers, with opinion polls still showing more than 50 percent of Scots want to remain part of the UK - far more than the third who want independence....

ANALYSIS-Oil-by-rail fight in Washington threatens California gasoline prices
07/21/2014  |  05:00
By Kristen HaysVANCOUVER, Washington, July 21 (Reuters) - California's chance to keep a lid on some of the nation's highest gas prices and join in the spoils of a domestic oil production boom is threatened by quickly growing opposition to a rail terminal in Washington state.The hitch in the long-planned project by Tesoro Corp exemplifies growing problems for moving crude oil on trains around the country after a string of fiery rail crashes....

CORRECTED-PREVIEW-Credit Suisse expected to report biggest quarterly loss since 2008
07/21/2014  |  16:15
(Corrects third paragraph to show the loss is for Credit Suisse group not investment banking unit)By Katharina BartZURICH, July 21 (Reuters) - Credit Suisse is expected to report its biggest quarterly loss since Lehman Brothers collapsed in 2008 when it publishes results on Tuesday, due to a 1.6 billion Swiss franc ($1....

UPDATE 1-Are Swiss trading houses turning into banks? Not quite
07/18/2014  |  15:15
* French banks' dominance in traditional trade finance weakens* Biggest trading houses fill the gap* Money still coming from banks, traders seek access to material (Updates corrected version of July 17 story to include comment from Societe Generale)By Dmitry Zhdannikov and Ron BoussoLONDON, July 18 (Reuters) - The world's top trading houses appear to be quickly turning into commodity finance banks, by lending billions of dollars to clients as a decades-long dominance of French banks shrinks.The fast growing trend has made big headlines in the past year every time a large Swiss trader provided financing to a counterparty, ranging from European refineries to African state firms....

Citi has $280 mln in loans in China ports at center of metals probe
07/18/2014  |  20:15
NEW YORK, July 18 (Reuters) - Citigroup Inc has about $280 million in loans tied to commodities in two Chinese ports which are at the center of a probe into possible fraud, a senior executive said on Friday, becoming the first U.S....

Speculators trim U.S. dollar net longs in latest week -CFTC, Reuters
07/18/2014  |  19:44
July 18 (Reuters) - Speculators reduced their bullish bets on the U.S. dollar in the latest week, according to data from the Commodity Futures Trading Commission released on Friday....

Speculative net shorts in U.S. 10-year T-note futures fall-CFTC
07/18/2014  |  19:37
July 18 (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell in the latest week, according to Commodity Futures Trading Commission data released on Friday....

COMPLY-How an adviser's 'bulletproof' marketing strategy backfired
07/18/2014  |  17:45
By Suzanne BarlynJuly 18 (Reuters) - Self-promotion through efforts such as writing "how-to-invest" books and hosting radio shows can help financial advisers drum up business - unless the wrong people notice.That is what happened after Salt Lake City broker and wealth manager Bruce Lefavi promoted himself as a financial guru....

Lawmakers urge SEC chair not to allow choice of accounting rules
07/18/2014  |  17:33
By Sarah N. LynchWASHINGTON, July 18 (Reuters) - A bipartisan group of U.S. lawmakers is urging Securities and Exchange Commission Chair Mary Jo White not to allow companies to choose between U....

Auditor of collapsed Spanish company Gowex freed on bail
07/18/2014  |  16:34
MADRID, July 18 (Reuters) - The auditor of collapsed wireless networks provider Gowex was freed on bail on Friday after appearing in Spain's High Court as part of an investigation into an alleged accounting fraud at the company.The judge said there were signs of illegal practice in the work carried out by Antonio Diaz Villanueva for Gowex and that he had not declared his earnings from Gowex to tax authorities....

UPDATE 1-Speculators' net shorts in Eurodollar futures fall from record -CFTC
07/18/2014  |  20:24
(Recasts lead, adds background) July 18 (Reuters) - Speculators pared their net bearish positions in Eurodollar futures from the record high set a week ago, while they reduced their net bearish bets on U.S....

Trading firms' dispute with Monsanto threatens soy sales in Brazil
07/17/2014  |  20:06
SAO PAULO, July 17 (Reuters) - An impasse between U.S.-based Monsanto Co and soybean buyers in Brazil over royalty payments on a new seed technology may complicate the country's sales of the upcoming oilseed crop....

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